Sales Growth and Market Diversification
Sales were up 11% year-over-year, driven by strong demand in key end markets such as pulp, tissue, wood composites, and personal care.
Increase in Pulp Market Potential
The demand for strength aids from a global pulp manufacturer increased from approximately $1 million to more than $3 million annually, with potential market opportunities exceeding $50 million at this customer.
New Wins in Tissue Market
Won 2 new tissue accounts during the quarter through a partnership with the R&M Group.
Progress in Wood Composites
Increased demand from a key strategic account, with usage of binders across more SKUs at the first mill and ongoing trials at a second mill.
Positive Momentum in Personal Care
Increased demand from partner Dow, with all-natural formulations gaining traction with smaller brands of top 10 players.
Operational Efficiency Improvements
Internalizing North American production led to productivity improvements and increased cycle time in commercial production and R&D.
Cash Management and Strategic Investment
Managed cash reserves responsibly with $30.4 million in cash and term deposits, investing $1 million to retire shares and increasing working capital.